Earlier today I was asked why I wasn’t aggressive at the $1,182 level. The short answer: I have no faith in the Fed. The market was vulnerable to any nonsense spewed by the Fed, particularly a hawkish tone, which would have accelerated the pull-back and possibly damaged the support line. So, Yellen in her ultimate wisdom waffled.
The bullish leg up to $1,192 came as Yellen indicated concerns about weak oil and global financial issues. Then, in her next breath she said this was all transitory and the Fed’s inflation target of 2% would be met sooner rather than later. Continue reading “Gold Back Above $1,200 As Fed Chair Yellen Waffles In First Day Of Testimony”
